Is employers contribution to Provident Fund applicable on overtime or not ?
14 Replies
Amit Bhatkar
(Service)
(457 Points)
Replied 01 January 2009
Provident Fund is applicable only on Basic Salary plus Dearness Allowance.
No question of adding OVERTIME for calculation of PF ( For both : Employee as well as Employer )
Amit
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 01 January 2009
No question of adding OVERTIME for calculation of PF
Purvi
(Student)
(82 Points)
Replied 01 January 2009
PF is not applicable on OT, .but ESIC is applicable on the OT.
CA. Rajeev Aggarwal
(Chartered Accountant)
(3424 Points)
Replied 01 January 2009
Agree with Amit.
can't say about ESIC as written by Ms. purvi
aasita
(ACA)
(387 Points)
Replied 01 January 2009
good yaar i didnt knw this thanks alot for sharing it
Amit Bhatkar
(Service)
(457 Points)
Replied 01 January 2009
Ms Purvi
Could you please describe in detail on inclusion of OT in ESIC calculation ?
That will be benificial to all of us.
Thnx
Amit
LAXMIKANT JAIPURKAR
(Practicing Company Secretary/Tax Consultant)
(403 Points)
Replied 06 March 2009
The ESIC is applicable on gross wages (incluidng all the allowances except washing allownaces in some special situations) and overtime. The ESIC employees contribution is 1.75% of total wages/overtime. and employers contribution is 4.75% of total wages/overtime. total ESIC is 6.50% of total wages/ot. The said ESIC is payable before 21st of next month.
kavita Rathi
(Manager Finance)
(35 Points)
Replied 08 April 2009
Dear members
This my query and not the replay.
I want to now the amendement if any made in respect of revision in wage limit for payment of P.F or other statutory dues like ESIC.
According to me previously wage limit was Rs. 6500 i.e if any employee is getting wages or salaryt less than Rs.6500 in any organisation having more than 20 employees then the organisation is required to pay the P.F and othere statuatory dues like ESI etc.
Pls confirm me that the limit is still same i.e Rs.6500 or it has increased.
In case it has increased then the date with effect from which it has increased that is also required.
Regards,
Kavita
Amit Bhatkar
(Service)
(457 Points)
Replied 08 April 2009
Hi
The statutory limit of Rs. 6,500=00 in not yet revised.
Amit
Amit Bhatkar
(Service)
(457 Points)
Replied 08 April 2009
Hi
The statutory limit of Rs. 6,500=00 is not yet revised.
Amit
mukesh
(service)
(26 Points)
Replied 17 March 2010
I am Working in a company which provides coaching Training at the clubs and schools. We have hired professional coaches for the training. We are deducting TDS on professional services. One of our client wants to deduct PF of our coaches from our share of revenue. We cannot deduct the PF amount from the professional's salary as they can't afford to bear the same.
Please suggest the ways by which we can convince our client not to treat our coach as their employees and they don't deduct PF
Thank you very much for the help in Advance
Thanks & Regards
Mukesh Rakesh
Vipin
(Accounts Manager)
(26 Points)
Replied 27 April 2010
Dear All,
Could anyone please tell me, if the basic salary of an employee increased from the basic limit 6500/- then whether the P.F. will still be mandatory to deduct from his salary or is it at employee's desire.
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